# Demographics and GVC Position

| Variable | M1: Z only | M2: Z + Controls | M3: Age Decomp | M4: Z → Cap Intensity | M5: Z + WA Share |
|:---|---:|---:|---:|---:|---:|
| Z_1 | 92.2575** | 95.1476** | | 32.3043*** | -115.0648** |
| | (39.6698) | (41.0924) | | (12.2434) | (58.2786) |
| Z_2 | -13.7595** | -14.0199** | | -3.7210** | 5.0513 |
| | (5.9530) | (6.1359) | | (1.8303) | (7.2002) |
| Z_3 | 0.6290** | 0.6500** | | 0.1193 | 0.1960 |
| | (0.2456) | (0.2527) | | (0.0743) | (0.2685) |
| fiscal_bal_gdp | | 0.3590*** | 0.3764*** | -0.0532*** | 0.3509*** |
| | | (0.0369) | (0.0371) | (0.0173) | (0.0368) |
| nfa_gdp_lag | | -0.6622* | -0.6248* | 0.1801 | -0.6742* |
| | | (0.3756) | (0.3780) | (0.1578) | (0.3742) |
| rgdp_growth | | 0.1301*** | 0.1391*** | 0.0778*** | 0.1292*** |
| | | (0.0210) | (0.0211) | (0.0097) | (0.0209) |
| kaopen | | 1.1253*** | 1.1305*** | -0.1114 | 1.0759** |
| | | (0.4316) | (0.4352) | (0.1630) | (0.4303) |
| old_dep | | | 63.5328** | | |
| | | | (31.2011) | | |
| youth_dep | | | -51.9774*** | | |
| | | | (10.6546) | | |
| working_age_share | | | | | 372.0200*** |
| | | | | | (72.7737) |
|:---|---:|---:|---:|---:|---:|
| N | 6797 | 4745 | 4745 | 4671 | 4745 |
| R² | -0.0091 | -0.0955 | 0.0938 | 0.0872 | -0.0991 |
| Countries | 177 | 161 | 161 | 159 | 161 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*